Life insurance for
some is an absolute in their minds. Life insurance is for two things: to
replace a lost income and for the burial costs. Does an 80-year-old need to
replace an income? No. Hopefully they have enough in their estate that they
don't need that money for burial costs either. A 35-year-old husband with two
young kids definitely should have the insurance to replace an income that could
be lost. With no kids in the house, a spouse could move on to support
themselves and would not need an income replaced when there was no longer a
family to support. These are not rules, simply thoughts to help make good
decisions.
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